The cryptocurrency exchange bitFlyer is based in Japan, where laws and regulations governing this kind of business are significantly more developed than others. Consequently, bitFlyer, with registration number 00003, is a licensed and registered Virtual Currency Exchange Operator. Additionally, the exchange is governed by both the New York Department of Financial Services (NYDFS) and the Japan Financial Services Agency (JFSA).
Because of these standards, bitFlyer is among the most reliable cryptocurrency exchanges and has permission to run a business in the US. They are also partners with Sumimoto Mitsui Banking Corporation, which is another noteworthy point of this platform.
BitFlyer USA
BitFlyer USA is a Japan-based cryptocurrency exchange where traders may buy and sell various currencies such as bitcoin, bitcoin cash, ether, and Litecoin. The exchange is presently accessible in the United States, United Kingdom, and Japan. With a free bitFlyer account, new users may take advantage of simple trading, cold storage security, and no fixed rate fees.
Users may still make use of bitFlyer’s recurring buy function, referral program, and real-time market statistics and news even though the platform has fewer offerings than its competitors.
On the other hand, bitFlyer Lighting Exchange, its advanced trading platform, provides additional features like margin trading, spot trading, order books, and active trading charts.
Because bitFlyer USA doesn’t charge a fixed per-trade cost for cryptocurrencies, you can save money on small orders. However, unexpected fluctuations in the market might affect bitFlyer costs. You could be able to pay less or more than you would with a fixed price, depending on the status of the market. Lighting’s price structure differs from that of its parent website.
However, bitFlyer USA only supports cryptocurrency trading.
Is BitFlyer USA Appropriate For You?
If you’re a newcomer in the cryptocurrency field and want to trade on a simple and safe platform, bitFlyer USA could be an appropriate option for you. It’s an excellent choice for people who aren’t yet ready for advanced trading tools and charting features.
BitFlyer USA offers a free account opening process in addition to a spread-based pricing approach that helps beginners avoid expensive trading costs (assuming no significant market fluctuations). Furthermore, there are neither transaction fees nor administration costs.
BitFlyer isn’t among Insider’s top selections for cryptocurrency exchanges but it could still be excellent considering for investors interested in streamlined and cross-border trading. Customers can be assured of transparent and dependable security with bitFlyer USA, which other cryptocurrency exchanges may not always provide. The bitFlyer website claims that the platform has not seen a hack for seven years of operations.
However, if you would like to trade different asset classes or have access to more account options, you ought to search for another platform.
bitFlyer: Overall Rating
| Function | Insider rating (out of 5) |
| Fees 20 | 4.00 |
| Investment selection 20 | 2.75 |
| Access 15 | 4.50 |
| Customer service 15 | 2.15 |
| Ethics 15 | 4.00 |
| Security 15 | 5.00 |
| Overall score | 3.70 |
bitFlyer Advantages and Disadvantages
Benefits |
Drawbacks |
– Low trading fees– Cross-border trading– Recurring buys to automate crypto purchases– Multi-signature to safeguard crypto assets– Margin trading through bitFlyer Lightning |
– Limited educational materials and customer support– Only nine supported cryptocurrencies– Fees volatile to market changes– Limited customer support |
Is bitFlyer USA Reputable?
By looking through the Better Business Bureau profile of each investing platform, we can evaluate its level of reliability. The BBB profile for bitFlyer USA may be found at BiFlyer USA Inc. At the moment, bitFlyer is rated C+ by the BBB. It was determined by bitFlyer’s failure to address some consumer complaints.
The dependability or performance of a company cannot be assured by the BBB’s ratings, even if the exchange has a valid bitFlyer profile.
In 2023, the NYDFS penalized bitFlyer USA $1.2 million for violating the state’s cybersecurity regulations.
How to Use BitFlyer for Investing
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Self-Directed Crypto Account
The following cryptocurrencies may be traded with a regular bitFlyer USA trading account:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ether Classic (ETC)
- Litecoin (LTC)
- Polkadot (DOT)
- Tezos (XTZ)
- Basic Attention Token (BAT)
- Stellar Lumens (XLM)
Trading limitations and accessible services are determined by the various account classes offered by bitFlyer. The “Standby Class” is the first account class available to new users, however, it does not allow you to purchase or sell cryptocurrency.
Once you have completed the “Account Information” portion on the webpage, you may upgrade your account class to Trade and start trading. You can deposit or withdraw up to $50,000 per day from Trade in USD or virtual assets. Unlimited single transactions are also included in this.
The third account class option available in bitFlyer is Trade Pro. It enables you unlimited daily withdrawals and deposits. You need to contact the bitFlyer support team and provide additional personal information such as proof of residency and a second form of ID in order to upgrade to Trade Pro.
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bitFlyer Lightning
The Lightning Pro exchange on bitFlyer could be suitable for experienced traders. According to bitFlyer’s website, the platform, which was developed by a former professional trader, offers quicker trade execution, effective functionality, and very safe cryptocurrency transactions.
To minimize expenses on individual transactions, bitFlyer Lighting provides the following trading pairs:
- BTC/USD
- ETH/USD
- BTC/JPY
- ETH/BTC
Limit order options, custom alerts and themes, access to a professional trading chat room, bitcoin futures, margin trading, and spot trading are all available in a bitFlyer Lightning Exchange account.
Entering your email address to register, filling out know-your-customer (KYC) paperwork, and funding your account to get started.
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bitFlyer USA Fees
Opening a standard crypto trading account with bitFlyer USA is free but you must deposit $1 to start trading. There are no transaction fees, maintenance fees, or bank deposit fees (including wire deposits) on this platform. However, do not misunderstand, this is not a fee-free platform.
Withdrawals by wire cost $20. Fees for trading with bitFlyer’s advanced Lightning Exchange range from 0.03% (for balances above $500 million) to 0.10% (for balances under $50,000).
Regular trading fees range from 0.1% to 6.0%. Kindly check the full list of fees for bitFlyer here: https://bitflyer.com/en-us/commission
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